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Bahrain EDB Wraps Up a Successful Visit to the UK

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Bahrain Economic Development Board (Bahrain EDB) successfully concluded its five-day strategic visit to the United Kingdom (UK). Designed to highlight the investment opportunities in Bahrain through a curated agenda of business meetings and roundtable discussions, the visit culminated at the Newmarket July Festival as part of Bahrain EDB’s partnership with Rashid Equestrian and Horseracing Club (REHC).

The Newmarket July Festival race was attended by His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Education Charitable Trust, Chairman of the Board of Directors of the Labour Fund, and Chairman of the Rashid Equestrian and Horse Racing Club (REHC) High Committee، H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, along with officials of Bahrain EDB and REHC.

REHC sponsored three International Group races on the festival’s opening day. Bahrain EDB, in collaboration with REHC, additionally hosted both existing and potential investors at The Bahrain Trophy at the Newmarket July Festival as part of its aftercare and strategic advisory services, driven by a commitment to retain, promote, and facilitate reinvestment within the island nation. The event provided an invaluable platform to connect and build strong relationships with high-net-worth companies and individuals and shed light on Bahrain’s unique value proposition and attractive investment environment.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB said, “We take pride in our partnership with Rashid Equestrian and Horseracing Club, which builds upon a longstanding legacy partnership with Newmarket Racecourse, underscoring Bahrain’s commitment to further building upon its economic and commercial ties with the United Kingdom.”

Her Excellency added, “We at Bahrain EDB are firmly dedicated to continuing to promote the Kingdom as a prime destination for investment across our target markets. Alongside the strategic meetings and events we hosted, the Newmarket July Festival has been instrumental in providing the opportunity to engage with companies in a vibrant atmosphere and highlight Bahrain’s competitive advantages, business-friendly environment, and highly skilled talent pool.”

Yusuf Buheji, Chief Executive Officer at Rashid Equestrian and Horseracing Club, stated, “We would like to extend our gratitude to Bahrain EDB as a key partner of REHC. The prestigious Newmarket July Festival provides the ideal setting for us to showcase all that Bahrain has to offer. It enables us to connect with likeminded people in the racing community and forge strategic partnerships and collaborations with various international institutions and companies, which will serve to further develop the Kingdom’s horseracing sector, as part of our far-reaching goals to cement Bahrain’s international recognition as a leading horseracing and equestrian destination.”

During the visit, Bahrain EDB hosted two pivotal roundtables attended by UK-based companies and investors. The first, titled “The Future of Manufacturing – Investment Opportunities and Best Practices,” was hosted in collaboration with Sovereign Strategy and highlighted investment opportunities primarily in the manufacturing sector, as well as in financial services and ICT sectors. The second event, held in partnership with City UK, focused on financial services under the theme “The Talent Test: Attracting the Right Skills for the Future of Fintech.” Both events, attended by key stakeholders from Bahrain’s public and private sectors, and senior representatives from key UK-based firms operating in Bahrain, in the likes of PWC Middle East, were critical for engaging with industry leaders and investors in the UK.

REHC partnership with Newmarket Racecourse extends back to 1991. It builds on a robust legacy of bilateral economic ties between the Kingdom of Bahrain and the United Kingdom that span over 200 years, underpinned by strong commercial and investment ties. Numerous leading UK companies, such as Unilever, Charles Russell, Deloitte, Ernst & Young, Standard Chartered, Trowers & Hamlins, HSBC, Reckitt Benckiser, and Price Waterhouse Coopers (PWC), have established a presence in Bahrain.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-a-successful-visit-to-the-uk

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Bahrain EDB Wraps Up Multi-City Visit to India to Promote KeyInvestment Opportunities

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Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior members of the investment promotion agency, the visit comprised a series of select events and meetings to showcase value-adding opportunities across priority sectors, namely manufacturing and information and communication technology (ICT), to targeted investors.

Designed to strengthen economic and business ties between the two countries, as well as promote high-impact investment opportunities in Bahrain to a curated selection of India-based investors, Bahrain EDB hosted several events as part of the roadshow. In Mumbai, in collaboration with the Confederation of Indian Industry (CII), an exclusive dinner was held at Taj Mahal Palace, where the gathering offered an opportunity to connect with key decision makers from select leading Indian companies.

Two forums were held showcasing the Kingdom’s investment landscape with an in-depth discussion of expansion opportunities available for businesses to leverage Bahrain as a hub to expand across the Gulf and greater Middle East and North Africa region. The first was held in Mumbai, the second was held in at The Leela Palace Bengaluru, both events held in partnership with Grant Thorton focusing on investment opportunities within Bahrain’s thriving manufacturing and ICT sectors.

At the sidelines of the events, Bahrain EDB announced securing investment commitments valued at just under USD 33 million stemming from leading India based companies across multiple sectors. The cumulative impact of these investments, particularly Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.

Bahrain and India enjoy strong bilateral and economic ties, where India is ranked as one of Bahrain’s top 6 investing partners, with India’s FDI stock in Bahrain reaching over $1.5 billion in 2023. Earlier this August, in a significant expansion into the Middle East, The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced the launch of two luxury properties in Bahrain under its iconic Taj brand. The strategic move, in partnership with Kingdom Projects, marks a significant milestone for IHCL as part of its growth-oriented plans to expand its global footprint under its portfolio of leading hospitality brands across the Middle East. Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-multi-city-visit-to-india-to-promote-keyinvestment-opportunities

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Jordan extends exemption from customs duties, sea freight charges tax

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The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30.
As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed at reducing prices of imported goods, a domestic news agency reported.

The cabinet also reviewed the periodic report of the ministry of industry and trade on measures taken to control inflation and enhance the strategic stock of basic commodities.

The cabinet also approved the mandating reasons for the draft 2024 Financial Bylaw for Municipalities for 2024 to send it to the Bureau of Legislation and Opinion to complete procedures for its approval.

Source:https://www.fibre2fashion.com/news/textiles-policy-news/jordan-extends-exemption-from-customs-duties-sea-freight-charges-tax-295175-newsdetails.htm

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Compliance improves in garment sector despite gaps: Better Work Jordan

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Better Work Jordan’s 2023 Annual Report has recorded violations of national laws and international labour standards in the country’s garment sector, especially in occupational safety and health (OSH), despite progress in compliance and the joint efforts of the government, employers and labour unions for a collaborative garment industry.
In the last few years, Better Work Jordan has observed improvements in recruitment practices, including reducing the instances of pregnancy tests for migrant workers and of migrants paying recruitment fees.

After stakeholders addressed these issues head-on in 2019, non-compliance rates increased as existing violations were caught, but now violations have substantially decreased.

Most factory-level engagement in Jordan—monitoring working conditions and advising on improvements—is now done jointly with the tripartite partners or exclusively by these stakeholders, the annual report pointed out.

Labour inspectors are now a part of all factory compliance assessments, and in 38 per cent of the cases, they conduct assessments independently.

The advisory function is split between the ministry of labour, which covers OSH (26 per cent of all advisory visits), and the General Trade Union of Workers in Textile, Garment and Clothing Industries (JTGCU), which covers social dialogue (41 per cent of all advisory visits). The remaining visits were done by Better Work Jordan.

JTGCU hired seven trade union organisers to increase its presence in all industrial zones and among all workers.

Better Work Jordan conducts ‘shadowing assessments’ and a rigorous quality assurance/quality control system. In the future, more training and capacity building is planned to ensure that national constituents deliver high-quality services.

In 2022, 14 per cent of factories were non-compliant for the issue of recruitment fees, and nine per cent for the issue of pregnancy tests compared to 30 per cent and 55 per cent respectively in 2020.

Better Work Jordan is mandatory for garment factories that export to the United States under the US-Jordan Free Trade Agreement.

As of December 2022, 95 factories employing 78,617 workers were enrolled in the programme. Migrants constitute three-quarters of the workforce, with the remainder consisted of Jordanians.

The majority of workers are women—nearly 75 per cent of the production workforce.

In 2023, the programme seeks increased stakeholder ownership of compliance outcomes; sustainability of the Mental Health Project; research for evidence-based policy making; and increased focus on the recruitment process for migrant workers.

Source:https://www.fibre2fashion.com/news/textiles-policy-news/compliance-improves-in-garment-sector-despite-gaps-better-work-jordan-288022-newsdetails.htm

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IFC launches Dutch-backed textile sector project in Jordan

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The International Finance Corporation (IFC) recently launched an initiative in Jordan for the textile sector that is backed by the government of the Netherlands.
The project aims at facilitating new and expanded investment in the industry, boost export volumes and create employment opportunities.

It encompasses a comprehensive approach, including sector analysis, investment climate enhancements through targeted reforms, identification of strategic investment prospects and attracting new investment, a domestic news agency reported.

IFC regional director for the Middle East Khawaja Aftab Ahmed highlighted at the launch event his organisation’s commitment to leveraging its global expertise to unlock the vast potential of the knitwear sector, creating new employment prospects and fostering sustainable economic growth by collaborating with the Jordan Chamber of Industry and the Jordanian government.

On the sidelines of the ceremony, a pivotal agreement was inked between the Jordan Chamber of Industry and IFC to commence project implementation.

Jordanian minister of industry, trade and supply Yousef Shamali outlined his country’s strategic vision to position itself as a regional hub for the textile industry.

Source:https://www.fibre2fashion.com/news/announcement/ifc-launches-dutch-backed-textile-sector-project-in-jordan-295432-newsdetails.htm

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Kuwait cracks down on cardboard waste exports for environmental revival

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Abdullah Al-Joaan, the Minister of Trade and Industry and Chairman of the Board of the Public Authority for Industry, has issued a decree prohibiting the export and re-export of cardboard waste for three months. This directive will take effect upon its publication in the Official Gazette.

The decision aims to foster the adoption and advancement of a national Extended Producer Responsibility system within projects related to cardboard packaging recycling.

Cardboard holds significant importance for numerous Kuwaiti factories engaged in producing consumer goods for the local market at affordable prices. Moreover, local factories have a monthly demand of approximately 30 thousand tons of cardboard, a requirement that cannot be met solely through the local market without the implementation of cardboard recycling.

It is important to highlight the significance of recycling industries in Kuwait, which prioritize environmental preservation, reduction of natural resource consumption, and adoption of cutting-edge technologies observed in developed nations. These efforts contribute to various economic and investment advantages for the commercial and industrial sectors.

SOurce:https://www.arabtimesonline.com/news/kuwait-cracks-down-on-cardboard-waste-exports-for-environmental-revival/

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Oil Updates — crude prices climb as risk appetite grows

Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite.

Brent December crude futures rose 8 cents, or 0.9 percent, to $92.28 a barrel by 9:00 a.m. Saudi time.

US West Texas Intermediate crude futures gained 10 cents, or 0.11 percent, to $90.89 a barrel.

Both benchmarks rallied nearly 30 percent in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.

The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, is unlikely to tweak its current oil output policy when the panel called the Joint Ministerial Monitoring Committee meets on Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.

“Oil prices started the week on a strong note amid supply concerns with no policy change by OPEC+ expected, while the avoidance of a US government’s shutdown over the weekend gave some relief,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“Still, whether or not the market will rise further will depend on future demand trends,” he said.

While OPEC+ is not expected to change its output policy given the recent strength in the market, Saudi Arabia could start to ease its additional voluntary supply cut of 1 million barrels per day, said ING analysts in a note on Monday.

Official data on Saturday showed that China’s factory activity expanded for the first time in six months in September, adding to a run of indicators suggesting the world’s second-largest economy has begun to stabilize.

However, a private-sector survey on Sunday was less encouraging, showing the country’s factory activity expanded slower in September.

Indeed, a durable recovery in China’s economy is delayed by a property slump, falling exports and high youth unemployment, raising fears of weaker fuel demand.

Elsewhere, a last-minute decision by Republican House of Representatives Speaker Kevin McCarthy to turn to Democrats to pass a short-term funding bill pushed the risk of the shutdown to mid-November, meaning the US federal government’s more than 4 million workers can count on continued paychecks for now.

Amplifying supply fears, the US oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29, the lowest since February 2022, energy services firm Baker Hughes said in its closely followed report on Friday.

Brent is forecast to average $89.85 a barrel in the fourth quarter and $86.45 in 2024, according to a survey of 42 economists compiled by Reuters on Friday.

Source:https://www.arabnews.com/node/2384026

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UAE’s Emirates inks deal with Shell Aviation to procure SAF for Dubai hub

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As part of its ongoing commitment to sustainability, the UAE’s flagship carrier, Emirates, has entered into an agreement with Shell Aviation to procure over 300,000 gallons of blended sustainable aviation fuel for use at its international hub in Dubai.

According to a press statement, the initial SAF delivery under this partnership is expected to commence by the end of this year, marking the first instance of Dubai International Airport using biofuel.

Emirates has emphasized that this agreement underscores its environmental strategy, built upon three core pillars: reducing emissions, responsible consumption, and preserving wildlife and habitats.

Emirates President Tim Clarke said: “We hope that this collaboration develops further to provide an ongoing future supply of SAF in our hub, as there are currently no production facilities for SAF in the UAE.”

He added: “We look forward to continue collaborating with like-minded organizations and government entities to look at viable solutions that introduce more SAF, a fuel that is currently extremely limited in supply, into the aviation fuel supply chain and support Emirates’ efforts to reduce emissions across our operations.”

Shell Corporate Travel Vice President Chu Yong-Yi described this agreement as a significant milestone in the aviation industry’s journey toward achieving zero emissions.

“This agreement marks a step forward for the aviation industry in the UAE. Enabling SAF to be supplied at DXB for the first time is an important milestone and a perfect example of how the different parts of the aviation value chain have a role to play in unlocking progress on SAF,” said Yong-Yi.

He added: “We hope that this can act as a springboard for more action on SAF across the aviation industry in the UAE and region, delivering another step forward for our net zero emissions journey.”

In an earlier announcement in May, Emirates committed a $200 million fund to research and develop projects to mitigate the impact of fossil fuels in the commercial aviation sector.

The airline specified that this designated fund would be disbursed over three years, with Emirates actively seeking partnerships with organizations specializing in fuel and energy technologies.

Source:https://www.arabnews.com/node/2384046

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OPEC optimistic on demand, calls for more oil and gas investment

The Organization of the Petroleum Exporting Countries is optimistic on demand and sees under-investment as a risk to energy security, Secretary-General Haitham Al-Ghais said on Monday at an energy industry event in Abu Dhabi.

He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive.

“We still see oil demand as quite resilient this year, as it was last year,” Al-Ghais said, noting the group’s forecast was for year-on-year demand growth of more than 2.3 million barrels per day (bpd).

He added that investment in the oil and gas sector was important for energy security.

“We are…running quite low on spare capacity; we have said this repeatedly and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,” he said.

The UAE’s Energy Minister Suhail Al-Mazrouei echoed the call and said investment by both international and national oil companies was needed.

“And these investments need the financial world to be willing to finance oil and gas,” Al-Mazrouei said.

He later told reporters that his country is on track to expand its oil production capacity to 5 million bpd by 2027 from 4.2 million bpd currently.

Source:https://www.arabnews.com/node/2384066

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Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn

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Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.

The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record for the first quarter of the current year, surpassing 146 billion dirhams.

SCAD’s statistical estimates revealed growth in the construction sector, with a year-on-year increase of 19.1 percent, reaching 25.3 billion dirhams.

The financial sector also grew 29.7 percent in the second quarter compared to the same period last year, reaching 18.3 billion dirhams.

The manufacturing sector also advanced 7 percent in the second quarter to 25 billion dirhams compared to the year-ago period.

The real estate sector climbed to 9.8 billion dirhams in the second quarter from 9.3 billion dirhams in this year’s first quarter.

Furthermore, wholesale and retail trade activities reached their highest quarterly value since 2014, amounting to 16.7 billion dirhams.

These activities contributed 5.8 percent to the GDP in the second quarter of 2023.

Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, emphasized: “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms the success of the emirate’s diversification strategy and adaptability to market shifts.”

Last month, S&P Global Ratings anticipated that the UAE would achieve 3 percent economic growth in 2023, primarily driven by the non-oil sector.

The analysis from the rating agency forecasts a further expansion rate of 4 percent next year.

Trevor Cullinan, a sovereign ratings analyst at the agency, pointed to the impressive expansion of the UAE’s non-oil sector, citing significant strides in services and industrial domains, reported the Emirates News Agency.

Identifying key sectors that are steering the UAE’s economic growth, Cullinan mentioned oil and gas, wholesale trade and industry, real estate, construction and financial services.

The rating agency also reported that the employment growth in the UAE last month was at its highest since October 2016, even as the Purchasing Managers’ Index hit 56.6, up from 56.1 in September.

Source:https://www.arabnews.com/node/2384076